From: Haig Hovaness [hovaness@pipeline.com]
Sent: Sunday, October 13, 2002 1:34 PM
To: rule-comments@sec.gov
Subject: Petition for Rulemaking (SEC File No. 4-461)
Hon Mr. Pitt,
I urge you to act swiftly to empower direct election of board members by
shareholders by requiring companies to bear the cost of proxy
solicitation for such votes. If the shareholders are the owners of a
corporation, why should they not be able to put directors of their own
choosing on the board? Such a measure would go a long way toward
addressing many of causes of poor corporate governance.
SEC Rule 14a-(8)(i)(8) specifically allows public corporations to
exclude director nominations from shareholders. This rule should be
rescinded as soon as possible in the name of responsible corporate
reform. The eyes of the American investment community are upon you;
please act in our interests.
Yours truly,
Haig Hovaness
Pelham Manor, New York